AUD/JPY: Ichimoku clouds 29 March 2018, 08:10

AUD/JPY: Ichimoku clouds

29 March 2018, 08:10

Scenario
Timeframe	Weekly
Recommendation	SELL
Entry Point	81.60
Take Profit	80.53
Stop Loss	82.48
Key Levels	81.40, 82.35

Let's look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the blue line is directed upwards, while the red one remains horizontal. Confirmative line Chikou Span has crossed the price chart from below, current cloud is descending. The instrument has entered the cloud. The closest support level is the lower border of the cloud (81.40). The closest resistance level is the lower border of the cloud (82.35).



On the daily chart Tenkan-sen line is below Kijun-sen, the lines are horizontal . Confirmative line Chikou Span is below the price chart, current cloud is descending. The instrument is trading between Tenkan-sen and Kijun-sen lines. The closest support level is Tenkan-sen line (81.50). The closest resistance level is Kijun-sen line (82.48).

On the four-hour chart the instrument is trading within the cloud. On the daily chart we can see a correction of the downward movement. It is recommended to open short positions at current price with Take Profit at the level of previous minimum of Chikou Span line (80.53) and Stop Loss at the level of Kijun-sen line (82.48).